Survey: Amid labor shortage, technologies must desired by retail employees are …
Retailers aren’t the only ones worried about the impact of labor shortages on the workplace.
Eighty-seven percent of retail leaders are worried about talent shortages in 2023, according to new research from Fourth, a global software provider to the retail, hospitality and leisure industries. And almost all employees (94%) are concerned about the consequences labor shortages will have on their roles.
In the competition to attract and retain talent, financial worries are top of the agenda. Eighty-three percent of employees said that earned wage access would reduce financial stress and 56% feel overworked and underappreciated due to understaffing. Amid a tougher economic climate, the data underscores that HR technology and workforce management solutions are key priorities for both retail leaders and employees, according to Fourth.
The technologies most desired by retail employees include:
• Access to apps that allow real-time communication with employers (50%);
• Better point of sale automation technology (i.e., self-service check out, mobile POS, etc.) (47%);
• Ability to see paychecks online and in real-time with earned wage access (43%);
• Access to digital scheduling (38%); and
• Warehouse automation and dark retail (33%).
For retail leaders, the technologies integral to business growth in 2023, include:
• Store management (i.e., scheduling and productivity optimization) (42%);
• HR automation (i.e., workforce management technology) (40%); and
• Brand activations within supermarkets and department stores (35%).
Download the entire report, including individual sector data.
“From talent shortages to the supply chain, the business challenges are clear for 2023,” said Clinton Anderson, CEO, Fourth. “The new year will present a lot of opportunities, with retailers ending the year in a stronger position than many expected. Fortunately for both retail leaders and employees, significant opportunities and alignment exists on how to leverage technology to address these challenges and more effectively attract, retain and engage talent.”
Labor issues were identified as one of three hot-button issues in Deloitte’s “2023 Retail Industry Outlook,” which is based on a series of interviews with 50 senior retail leaders.